Chicago, IL (March 23, 2016) – Quantum Real Estate Advisors, Inc. has brokered the sale of a 41,925 square foot multi-tenant retail center located at 1501-1527 W North Avenue in Melrose Park, IL. The property was sold for $5,575,000. The site features national tenants: GameStop, Spring Mobile, AutoZone, Subway, H&R Block, and PLS Loan Store. The buyer was a private real estate investor based in Beverly Hill, CA. The seller was an entity controlled by Ken Lebovic of North Shore Holdings, Ltd. Chad Firsel, President of Quantum Real Estate Advisors, Inc. was the sole broker in this transaction.
Mr. Firsel had the following comments regarding the transaction, “The buyer was able to acquire a very attractive property that has a nice stable mix of national and regional tenants, along with an accretive component which is to lease up approximately 20% of the GLA, which is currently vacant.” He continues, “The Purchaser recognizes that this is a high barrier to entry location and will thrive for years to come. As one of the largest privately held owners of single family properties in Chicagoland, North Shore Holdings realized a substantial profit and disposed of the commercial asset to concentrate on its core business.”
Quantum Real Estate Advisors, Inc. (www.qreadvisors.com) specializes in investment sales brokerage, assisting clients in the acquisition and disposition of commercial real estate. Quantum has the capacity through strategic alliances to offer full-service leasing brokerage, receivership, management and financing.